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Why get pre-approved for car finance

By: Louise Mosqueda0 comments

When you have bad credit, it can be hard to get approved for a car loan. Lenders look at your credit history and will sometimes deem you too much of a risk. This is when a car lease comes into play.

Through car lease, those with bad credit can get a chance to drive a car and rebuild a credit score in the process. Granted, they must pay their dues on time, all the time. Towards the end of the contract, they can buy the vehicle outright or upgrade to a newer car.

What’s more, it’s also easier to get approved for car finance. The process is faster if you get pre-approved beforehand.

Pre-approved car finance

People often get car finance for a variety of reasons. Some only need an everyday car, and business owners want it for tax benefits.

There is plenty of benefits for car finance, and there are also benefits surrounding pre-approval. If you’re hesitant about pre-approval, here are a few reasons why you should consider pre-approval for your car finance.

Find out how much you can spend

People usually have a car in mind before they apply for a car loan. However, through pre-approval, you can get a realistic idea on how much you can spend according to your current credit profile. This helps narrow down your selection, and can even assist you by preventing you from taking out a car that is more than what you can afford.

Negotiate repayment option

Another benefit of pre-approval is that it gives you leverage on negotiations. Because you have a clear idea on how much you can spend, you can then use it to your advantage and negotiate with the dealer on how often you can pay for the vehicle. That way, both of you can easily come to an agreement.

Increase your confidence

When you know how much you can spend on a car, you will be more confident to push through with your car finance application. It also helps when you’re still shopping around because you already know what car you can afford. This decreases the chances of getting a vehicle you can’t pay for.

Work in advance

Browsing and talking to dealers can get exhausting. It leaves no room for you to go through paperwork thoroughly afterwards. When you get pre-approval for car finance early on, you can focus more on what car to take home with you.

Less stress

Having someone try to sell you a car you can’t afford can be stressful. With pre-approval, you don’t have to worry. Because you know what you can afford and what you want to get out of the deal.

Getting pre-approval for car finance is easy. You can go to the Alpha Finance website and get pre-approved within minutes if you are qualified to get car finance. And if you are, then you can quickly proceed with your application and get a car for yourself within a matter of days.

Once your application pushes through, make sure to coordinate with the agents to work out when you can pick up the car. Also, remember to come up with the agreed deposit before going down to the branch of your choice.

So, don’t hesitate and get pre-approved for car finance for a better life today.

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